Executing an Assessment on Wealth Management…

POSTED ON 5October2018

Unlock Regional Insights to Enhance Your…

POSTED ON 11September2018

This series has explained how by addressing employee conduct to meet the compliance requirements of the new Banking Code of Practice (BCOP), which comes into effect in July 2019 (as well as the findings of the Royal Commission on the financial services industry), banks can simultaneously improve the customer experience and reduce conduct risk. The…

In our first post, we explored how banks – by addressing employee conduct – could kill two birds with one stone: improving the customer experience while at the same time addressing both the compliance requirements of the new Banking Code of Practice (BCoP), which comes into effect in July 2019, and the findings of the…

Banks in Australia must contend with tightening regulations and greater scrutiny after a series of revelations about poor practices and lax controls. They should also improve the customer experience or risk losing business to new, more nimble competitors. In the second of this four-part series, we look at the implications of the new Banking Code…

In early 2017 the Australian Banking Association decided to introduce a new Banking Code of Practice (BCOP), partly in effort to prevent a Royal Commission into alleged misconduct in financial services. This effort failed: the Hayne Commission was launched in late 2017. Now, with Australian Securities and Investments Commission (ASIC) approving the new BCOP in…

With the changes facing wealth management firms, it’s time for them to build better business supervision. In my previous post, we talked about calibrating the retail business supervision diagnostic framework. Now, let’s look at executing the new capability. A targeted retail business supervision capability review can be delivered through a combination of top-down and bottom-up techniques…

Rapidly evolving client expectations and converging industry trends are resulting in a fundamentally different retail wealth management front office, creating new challenges for business supervisory and risk officers. Significant shifts in client demographics, intergenerational wealth transfer and the maturation of new client-facing digital tools have altered how clients interact with Wealth Managers and integrated financial…

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